GBPUSD SELLLIMIT

GBPUSD

Preference:
‘Based on the initial PMI survey data, it is encouraging to note that the growth of business activity in the UK has shown a consistent increase for three consecutive months since January, indicating a promising start to the year. The survey data suggests that the economy is expected to grow at a quarterly rate of 0.2% after experiencing a flat fourth quarter, indicating a renewed momentum and avoiding the possibility of recession.

We've been trading in a range for a few days, and today, we got another rejection at the previous high, creating more liquidity. let's see if price can break above this level to retest the 1.28000 level before continuing the downtrend to retest the 4-hour double bottom.


Alternative Scenario:
It's possible for the current price trend to persist in a downward direction, without the price rebounding to previously attained highs. This means that it could be challenging for investors to make profits, and they may need to consider alternative strategies to navigate the market conditions.